By Michele Lerner on December 15, 2011
Mortgage refinance applications surged for the second week in a row, according to the Mortgage Bankers Association (MBA), fueled by a drop in mortgage rates. The MBA’s Weekly Mortgage Applications Survey showed that refinance applications increased by 9.3 percent during the week ending December 9, 2011 compared to the previous week. This represents the highest [...]
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By Michele Lerner on December 8, 2011
Many homeowners have decided a new home loan should be part of their financial resolutions for 2012, as mortgage applications for a home refinance rose last week. The Mortgage Bankers Association (MBA) reported a sharp increase in the number of applications for mortgage refinancing during the week ending December 2, up 15.3 percent over the [...]
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By Michele Lerner on December 1, 2011
CoreLogic, a provider of mortgage data, released data on November 29 showing that 22.1 percent of all homeowners with a mortgage owed more than the value of their home during the third quarter of 2011. This represents a slight decrease compared to the previous quarter. Underwater homeowners have been unable to refinance into lower mortgage [...]
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By Michele Lerner on November 22, 2011
Plenty of homeowners have lost equity in their homes in recent years and feel their mortgage payments are meaningless since they are paying off an asset that has dropped in value. But equity in a home is built both by increasing market value and by paying off the principal balance on your home loan. Switching [...]
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By Michele Lerner on November 17, 2011
Low mortgage rates offer several options for homeowners with enough equity to refinance. While the most popular option for homeowners is to reduce their monthly mortgage payment with a home refinance, some borrowers choose instead to shorten their loan term to pay off their entire loan more quickly. According to Freddie Mac, 95 percent of [...]
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By Michele Lerner on November 10, 2011
More homeowners applied for a home refinance during the week ending November 4, 2011, as mortgage rates dropped. According to Freddie Mac, the majority of homeowners who refinance either reduce their principal balance or keep it the same rather than take out cash. The Mortgage Bankers Association (MBA) Refinance Index for the week ending November [...]
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By Michele Lerner on November 3, 2011
While the Federal Reserve says that the economic slowdown is likely to continue into 2012 and beyond, homeowners who want to refinance are also in an economic slump. According to the Mortgage Bankers Association’s (MBA) Refinance Index for the week ending October 28, 2011, applications for a home refinance declined by 0.2 percent over the [...]
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